Cash held outside Nigeria’s banking system rose by N48.7 billion to N4.92 trillion in September 2026.
This is in accordance to newest Central Bank of Nigeria (CBN) information.
The determine elevated from N4.87 trillion in August, reflecting a month-on-month rise of roughly 1%.
It was additionally larger than the N4.47 trillion recorded in September 2025, pointing to a rise in money held outside banks over the previous 12 months.
The improvement comes because the CBN pursues a technique to develop digital funds, deepen monetary inclusion and scale back reliance on bodily money.
Cash outside banks rises in September
The newest determine represents a year-on-year enhance of about 10.3% from N4.47 trillion recorded in September 2025.
- Cash outside banks rose from N4.45 trillion in August 2025 to N4.47 trillion in September 2025 earlier than rising to N4.65 trillion in October.
- The determine climbed to N5.41 trillion in December 2025 earlier than declining to N5.25 trillion in January 2026.
- It remained above N5 trillion in February, April and May 2026, reaching N5.19 trillion in May earlier than falling to N4.92 trillion in June.
- Cash held outside banks recovered to N4.80 trillion in July and N4.87 trillion in August earlier than rising additional in September.
Despite the most recent month-to-month enhance, the September determine stays under the degrees recorded in the primary 5 months of 2026, when money outside banks exceeded N5 trillion in a number of months.
CBN targets decrease money dependence
The enhance comes because the CBN seeks to encourage digital funds and scale back the quantity of bodily foreign money circulating outside the banking system.
At the launch of the Nigeria Payment System Vision 2028 in Abuja, CBN Governor Olayemi Cardoso mentioned the roadmap would construct on the nation’s progress in digital funds whereas accelerating the event of a extra inclusive and technology-driven monetary system.
The technique consists of efforts to scale back money outside banks to under 40% of complete foreign money in circulation.
The CBN can also be concentrating on monetary inclusion for 95% of the grownup inhabitants by 2028.
Nigeria’s digital cost ecosystem has expanded over the previous decade, supported by fintech platforms, cellular cash, prompt cost methods and digital banking providers. The CBN’s roadmap is meant to construct on these developments and broaden entry to formal monetary providers.
Digital funds stay central to CBN technique
The September figures spotlight the continued significance of money in Nigeria’s monetary system, even because the CBN pursues a shift in the direction of digital transactions.
- The financial institution’s payment-system technique locations digital infrastructure and monetary inclusion on the centre of efforts to enhance entry to monetary providers and encourage wider use of digital cost channels.
- The rise in money outside banks, nonetheless, doesn’t by itself set up whether or not Nigerians are utilizing digital funds much less often. The figures measure money held outside the banking system, relatively than the amount or worth of digital transactions.
The CBN’s goal of lowering money outside banks to under 40% of foreign money in circulation will due to this fact stay an necessary measure of progress below its Nigeria Payment System Vision 2028.
